Crude or Refined? Delta's Fuel Gambit

By

Isabel Ordonez,

Susan Carey and

Tom Fowler

Updated April 5, 2012 7:58 p.m. ET

Delta Air Lines Inc.'s unconventional proposal to acquire an idled Pennsylvania refinery is a bet that world's second-largest airline can slash its fuel bill at New York area airports and win discounts on fuel elsewhere in the U.S.

Delta's plans, which emerged on Wednesday, were widely dismissed by aviation and energy industry experts, who said owning a refinery is a risky and potentially costly undertaking for an airline.